As far as torque wrenches, take a look at the Borka Tools adjustable. Great for shop and field use. It been proven to be accurate for some ridiculous amount of uses and still be accurate.
www.shooterstools.com/Pages/ATD/atdkits.html
When guys say they have a 1/2MOA gun, they usually mean a singular 3 shot group. To give a true representation of you, your gun, your load, etc.. do a 5 shot group and put 30rds on one target. (6 - 5r groups). Most guys find out that 1MOA is pretty good under this test and .75 to .50MOA is excellent. Another good test is to get a series of 1/2" Dots (typically you can 20+ on a on a piece of paper) and shoot one round on each circle.